September 3, 2025 – Vedanta’s Oil & Gas division is in terminal decline not just because its fields are exhausted, but because the business has been systematically starved of investment. Despite growing license commitments and rising decline rates, VEDL has diverted available cash to fund
August 29, 2025 – Konkola Copper Mines (KCM), an 80% subsidiary of Vedanta Resources Limited (VRL), controls copper mining, smelting, and refining assets in Zambia. Viceroy’s investigation drew on interviews with KCM personnel, site inspections, drone footage, satellite imagery and financial analysis. We visited the
August 25, 2025 – This report is directed at Hindustan Zinc Limited’s (HZL) minority shareholders, and Mr. Vivek Kumar Bajpai, Mr. Dinesh Mahur and Shri Ashish Chatterjee, the Government of India (GoI) appointed directors. In Q1 FY26, Hindustan Zinc Limited (HZL) paid ₹1,060 crore ($121m)
August 22, 2025 – We have previously highlighted valuation concerns in Vedanta Limited’s (VEDL) International Zinc operations, with earlier reports detailing the operational failures at the Skorpion Complex in Namibia and Black Mountain Mine (BMM) in South Africa. We believe the International Zinc segment represents
August 20, 2025 – Ahead of Vedanta Ltd’s (VEDL) Board meeting regarding its second interim dividend this Thursday, we urge shareholders and stakeholders to re-evaluate the sustainability and fairness of the Company’s dividend policy. VEDL has four options: Cut the dividend: The share price drops,
August 18, 2025 – Vedanta Resources Limited (VRL) carries its Black Mountain Mining (BMM) operations on its books at over $1b, a valuation built on the fiction of project completion and operational viability. Our on-the-ground investigation and financial analysis reveal the asset is financially distressed,
August 14, 2025 – On July 23, 2025 we submitted a complaint to the Securities and Exchange Board of India (SEBI) regarding the conduct of Vedanta Resources Limited (VRL), the UK-domiciled parent of Vedanta Limited (VEDL). Similarly to our letter sent to them on July
August 14, 2025 – On August 12, 2025, advocate Shakti Bhatia filed a Public Interest Litigation (PIL) action with the Union of India, the Securities and Exchange Board of India (SEBI), the Reserve Bank of India (RBI) and the Ministry of Corporate Affairs (MCA), seeking
August 11, 2025 – Vedanta Limited’s (VEDL) international zinc portfolio is in crisis, with its two flagship operations: Skorpion Mine and Smelter (Skorpion Complex) in Namibia and Black Mountain Mine (BMM) in South Africa facing massive problems, both physically and financially. Late last month, Viceroy
August 6, 2025 – On July 15, 2025, Viceroy Research submitted a formal letter to the Reserve Bank of India (RBI). This letter highlights findings from our reports with a focus on unauthorized foreign exchange remittances, regulatory evasion, and systemic threats to India’s financial stability.
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